Citi reports reduced EQD activity, investment product revenue headwinds

Citigroup has reported net income of US$4.6 billion for the first quarter of 2023 – up seven percent compared to the prior year quarter. Revenues, at US$21.4 billion increased by 12% year-on-year (YoY). In the institutional client’s group, equity markets revenues of US$1.1 billion, decreased by 25% YoY, primarily reflecting reduced client activity in cash and equity derivatives relative to a very strong quarter last year. Fixed income markets revenues were up four percent, driven by